StockMarketWire.com - Pharma giant AstraZeneca said it had agreed to sell the rights to Atacand and Atacand Plus, both used to treat heart failure and hypertension, in around 70 countries to Cheplapharm for $400 million.

The transaction was anticipated to be completed during the fourth quarter of 2020 and would not impact the company's financial guidance for 2020.

Of the $400 million consideration, $250 million would be payable on completion and the remainder in the first half of 2021.

'This agreement forms part of our strategy to carefully manage the mature medicines, enabling reinvestment in our main therapy areas to bring innovative new medicines to patients,' AstraZeneca said.

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